Copper, one of the precious metals in the industry, has been in a recovery trend for the last 2 months. The expectation that the Fed will slow interest rate hikes and China’s easing of strict Kovid-19 restrictions, incentives for the housing segment were effective in the recovery in prices. Developments also support the outlook for commodity demand.
On the London Metal Exchange, copper traded at $9,007.50, up 1.1 percent per ton.
Guangzhou Futures said in a note that the drop in the dollar and China’s massive measures have caused copper prices to rise, but seasonally low demand in China may create uncertainty in prices.
Fed Leader Jerome Powell did not make a statement on monetary policy in his highly anticipated speech yesterday. US inflation is expected tomorrow in the markets. With the slowdown in inflation, the rate of interest rate hikes is expected to decrease.